ADB and World Bank join syndicated sterling flurry

By Frank Jackman

11 Sep 2019

The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.

The reopening brings the amount outstanding on the line to £1bn.

Just before midday, at the second update, books on the deal were in excess of £325m, including £30m of joint lead manager interest.

“We initially went out with £250m but demand surpassed that allowing us to increase
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